The relative importance sector and regional factors in Italy

The benefits of sector and regional diversification have been well documented in the literature but have not previously been investigated in Italy. In addition, previous studies have used geographically defined regions, rather than economically functional areas, when performing the analysis even though most would argue that it is the economic structure of the area that will lead to differences in demand and hence property performance. This study therefore uses economically defined regions of Italy to test the relative benefits of regional diversification versus sector diversification within the Italian real estate portfolio. To examine this issue we use constrained cross-section regressions the on the sector and regional affiliation of 14 cities in Italy to extract the “pure” return effects of the different factors using annual data over the period 1989 to 2003. In contrast, to previous studies we find that regional factors effects in Italy have a much greater influence on property returns than sector-specific effects, which is probably a direct result of using the extremely diverse economic regions of Italy rather than arbitrary geographically locations. Be that as it may, the results strongly suggest that that diversification across the regions of Italy used here is likely to offer larger risk reduction benefits than a sector diversification strategy within a region. In other words, fund managers in Italy must monitor the regional composition of their portfolios more closely than its sector allocation. Additionally, the results supports that contemporary position that ‘regional areas’ based on economic function, provide greater diversification benefits rather than areas defined by geographical location.

Marks, spaces and boundaries

Dictionary compilers and designers use punctuation to structure and clarify entries and to encode information. Dictionaries with a relatively simple structure can have simple typography, and simple punctuation; as dictionaries grew more complex, and encountered the space constraints of the printed page, complex encoding systems were developed, using punctuation and symbols. Two recent trends have emerged in dictionary design: to eliminate punctuation, and sometimes to use a larger number of fonts, so that the boundaries between elements are indicated by font change, not punctuation.

Barbara Torelli Benedetti, Partenia, a pastoral play. A bilingual edition edited with notes and translation

This edition presents for the first time in print what is probably the earliest known secular, 'regular' play by a woman in Italy. As suggested in the introduction to the work, Torelli's play offers a fascinating example of female dramaturgy and creative adaptation of the pastoral genre in the context of late sixteenth-century Parma. Critical textual study is combined with new biographical material on the author and her literary milieu. The edition provides the first detailed palaeographical study of the complex Cremona manuscript of the play, which unusually includes emendations thought to be in the hand of the author herself (besides others). The transcription also describes for the first time in detail a newly discovered second manuscript of the play in Rome. The play-text is presented in the original Italian with a new facing English translation. Also included is the first transcription of the paratextual verse from the Cremona manuscript and the first transcribed collection of the author’s extant verse (both with translation).

‘The Apostolate of the Pen’: Mgr De Ségur and the mobilization of Catholic opinion in Second Empire France

This article contends that the papacy and ultramontane Catholicism played a pivotal role in the democratization of culture in Second Empire France. Drawing upon recent scholarship, which argues that religion played an important role in the constitution of mass democracies in modern Europe, this article revisits the pamphlet campaign led by Mgr Gaston de Ségur at the height of the Italian question in February 1860. Ségur made the most of the freedom of expression enjoyed by the Catholic Church in France in an attempt to direct Catholic opinion, and place pressure on the French government over its diplomatic relations with the pope. New archive material, notably Ségur’s correspondence with the leading Catholic journalist of the time, Louis Veuillot, sheds further light on Rome’s interventions in French culture and politics and its consequences. The article demonstrates that one of the most important, if unintended, results of the ultramontane campaign was to trigger reforms to the cultural sphere, and the granting of freedoms to their political enemies: the Republicans and freethinkers.

Cronaca, narrativa, and the unstable foundations of the Institution of Neorealism

The author contends that many of the conventions of Italian film studies derive from the conflicts and the critical vocabulary that shaped the Italian reception of neorealism in the first decade after the Second World War. Those conflicts, and that critical vocabulary, which lie at the foundation of what has been called the ‘institution of neorealism,’ established an irreconcilable binary: Cronaca and Narrativa. For the neorealists and their critics, Cronaca stood for the effort to record data faithfully, while Narrativa represented the effort to employ the shaping force of human invention in the representation of information. This essay’s first section analyzes the earliest reviews of Rossellini’s Roma città aperta alongside the contemporaneous literary debates over Cronaca and Narrativa. The second section reconsiders the reception of Pratolini’s Metello and Visconti’s Senso, which similarly centered upon the conflict between Cronaca and Narrativa. The third section proposes that the concepts which have often been employed to unify neorealism are destabilized by the Cronaca/Narrativa binary. In search of a solution to neorealism’s conceptual instability, this essay proposes more critical and purposeful appropriations of the movement’s problematic genealogy.